BOK chief calls for bank's preemptive, practical changes

The head of South Korea's central bank called for preemptive measures Monday to actively prepare the bank for future changes, but insisted such measures must be practical enough to win the support of not only bank officials but also the general public.

"Changes and innovations are becoming much faster and more complicated than ever before in each sector of our society," Bank of Korea Gov. Lee Ju-yeol said in a biennial meeting of top BOK officials.

"Should we not react actively and preemptively against such rapid changes, the BOK will lose its competitiveness as a central bank and eventually lose the people's faith," Lee was quoted as saying.

Lee's remarks came as the BOK is moving to create a new policy road map to mark the 70th anniversary of its foundation in June 2020.

The top central banker noted the long-term plan will have its own significance but said it must not be too flashy or superficial.

"To bring about actual changes and innovations, it is important to come up with specific and practical action plans based on the consensus of our members," he told the meeting, according to excerpts of his remarks released by the BOK.

"We must frequently check to make sure our organization, its system, work culture and the way it operates conform with the rapidly changing environment and the people's expectations." (Yonhap)